UN panel: corporate tax avoidance is Africa’s biggest financial drain

Can Thabo Mbeki, the second president in post-apartheid South Africa, help save the continent from the scourge of corruption and illicit money outflows? The United Nations seems to think so.

Mbeki is the public face of a UN-sponsored group – “The High Level Panel on Illicit Financial Flows” — that is in the process of drawing up what it says will be practical recommendations to end the flight of much-needed capital from Africa whether from outright corruption, criminal activities or, most significantly, tax avoidance schemes by multi-national corporations.

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